Right to Pay Off Monetary Encumbrances Sample Clauses

Right to Pay Off Monetary Encumbrances. Seller shall have the right to pay off any monetary encumbrances against the Properties on the Closing Dates, as hereinafter defined, out of the cash then payable provided recordable instruments of release or discharge of such encumbrances in form and substance reasonably satisfactory to Purchaser's counsel are then delivered to Purchaser.
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Right to Pay Off Monetary Encumbrances. Seller shall have the right to pay off any monetary encumbrances against the Property on the Closing Date out of the cash then payable provided, in the case of mortgages held by a lending institution, a payoff letter is delivered at the closing and the Title Insurer agrees to delete the mortgage held by such lender as an exception to title, and, in the case of mortgages held by a non-institutional lender, recordable instruments of release or discharge of such encumbrances in form and substance reasonably satisfactory to Purchaser’s counsel are then delivered to Purchaser.
Sample 1
Right to Pay Off Monetary Encumbrances. Seller shall have the -------------------------------------- right to pay off any monetary encumbrances against the Property on the Closing Date out of the cash then payable.
Sample 1
Right to Pay Off Monetary Encumbrances. Seller shall have the right to pay off any monetary encumbrances against the Premises on the Closing Date out of the cash then payable provided (i) recordable instruments of release or discharge of such encumbrances in form and substance reasonably satisfactory to Buyer’s counsel are delivered to the Title Company at the Closing and the Title Company agrees to remove such encumbrances from the Title Commitment and later the title policy which will be issued for the Premises, or (ii) if the holder of the monetary encumbrance is an institutional lender, a payoff letter in form and substance reasonably satisfactory to the Title Company is delivered to the Title Company at the Closing and the Title Company agrees to remove such encumbrance from the title policy which will be issued for the Premises. If a payoff letter is delivered at the Closing, Seller shall, as promptly as practicable after the Closing, request that the lender record a recordable instrument of discharge or release of the encumbrance in form reasonably satisfactory to the Title Company.
Sample 1
Right to Pay Off Monetary Encumbrances. Seller shall have the right to pay off any monetary encumbrances against the Property on the Closing Date out of the cash then payable provided, in the case of encumbrances held by institutional lenders, Seller shall deliver a pay off letter at the closing and, based thereon, the Title Insurer agrees to remove such encumbrance from the title policy issued to Purchaser and, in the case of encumbrances held by non-institutional lenders, recordable instruments of release or discharge of such encumbrances in form and substance satisfactory to the Title Insurer are then delivered to Purchaser.
Sample 1
Right to Pay Off Monetary Encumbrances. Seller shall have the right to pay off any monetary encumbrances against the Property on the Closing Date out of the cash then payable, provided (i) in the case of liens held by institutional lenders, a payoff letter reasonably acceptable to the Title Insurer is delivered at the Closing, and (ii) in the case of other liens, recordable instruments of release or discharge of such encumbrances in form and substance reasonably satisfactory to the Title Insurer are then delivered to Purchaser or the Title Insurer, and the Title Insurer agrees to delete such encumbrance from the fee policy to be issued to Purchaser and from any loan policy to be issued to Purchaser’s mortgagee. Seller shall pay the cost of canceling or discharging all such monetary encumbrances.
Sample 1

Related to Right to Pay Off Monetary Encumbrances

  • Encumbrances Create, incur, assume or suffer to exist any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens.

  • Title; Encumbrances With respect to the Existing Properties, the Borrower or any Material Subsidiary, as the case may be, has (i) good and marketable fee simple title to the Real Property (other than for Real Property subject to a ground lease, as to which it has a valid leasehold interest) and (ii) good and marketable title to the Personal Property (other than Personal Property for any Hotel Property for which the Property Owner has a valid leasehold interest) free and clear of all Liens, and there exists no Liens or other charges against such Property or leasehold interest or any of the real or personal, tangible or intangible, Property of the Borrower or any Material Subsidiary (including without limitation statutory and other Liens of mechanics, workers, contractors, subcontractors, suppliers, taxing authorities and others; provided that certain Capital Expenditures have been made to the Hotel Properties prior to the Effective Date for which the payment is not past due), except (A) Permitted Encumbrances and (B) the Personal Property (plus any replacements thereof) owned by the participating lessee for such Existing Property.

  • Other Encumbrances To the best of Seller’s knowledge, any property subject to any security interest given in connection with such Purchased Mortgage Loan is not subject to any other encumbrances other than a stated first mortgage, if applicable, and encumbrances which may be allowed under the Underwriting Guidelines.

  • No Encumbrances Borrower has good and indefeasible title to the Collateral, free and clear of Liens except for Permitted Liens.

  • Taxes; Encumbrances At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not permitted pursuant to Section 6.02 of the Credit Agreement, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or this Agreement, and each Grantor jointly and severally agrees to reimburse the Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this Section 4.06 shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents.

  • Due on Sale Encumbrance Trustor shall not sell, transfer, assign, further encumber, hypothecate, or in any way dispose of or use as collateral for another loan or obligation of Trustor, the Property or any interest therein without first obtaining the prior written consent of Beneficiary, which consent may be granted, conditioned or withheld in the sole discretion of Beneficiary. Any violation of the restrictions set forth herein, whether by act, omission or by virtue of law, shall be considered a default in the performance of the obligations of Trustor under the Trust Deed and Beneficiary shall have the same rights with respect thereto as are provided to Beneficiary under the Trust Deed with respect to any default by Trustor in the payment of any indebtedness secured under the Trust Deed or in Trustor’s performance of any agreement thereunder.

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • Title to Property; Encumbrances (a) The Company does not own any real property or any Structures.

  • No Encumbrance Except as permitted by this Agreement, the Existing Shares are now and, at all times during the term hereof, and the Securities will be, held by Stockholder, or by a nominee or custodian for the benefit of Stockholder, free and clear of all mortgages, claims, charges, liens, security interests, pledges or options, proxies, voting trusts or agreements, understandings or arrangements or any other rights whatsoever ("Encumbrances"), except for any such Encumbrances arising hereunder.

  • No Sale/Encumbrance Neither Borrower nor any Restricted Party shall Transfer the Property or any part thereof or any interest therein or permit or suffer the Property or any part thereof or any interest therein to be Transferred other than as expressly permitted pursuant to the terms of the Loan Agreement.

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